At the moment, the price of the largest cryptocurrency is not looking bad. After months of little action and a sideways price movement, it worked bitcoin (BTC) to briefly tap the $50,000 again. However, not everyone is equally euphoric at the moment.
Florian Grummes
The director of the financial consultancy Midas Touch Consulting, Florian Grummes, recently in an interview outspoken about the future of bitcoin. According to him, the recent rally up to $50,000 reason to believe there’s another serious pullback is about to arrive.
He expects that in the short term the price of bitcoin will plunge again towards $25,000. That is why he also advises to be careful at this time. According to him, the bounce that we have seen in recent weeks typical of the world of crypto. According to him, a further fall in prices is therefore not a strange scenario.
Bitcoin $ 100,000
However, Grummes still believes that the price of bitcoin will reach the $100,000 mark. In fact, he expects this to happen within six months. Despite the fact that in the short term he will have another sell-of expected, Grummes in the longer term is very bullish.
Should bitcoin eventually reach $100,000, Grummes expects the largest cryptocurrency to enter a sort of new trend. He then assumes that there will be even more momentum in the price and that even more investors want to gain exposure to bitcoin.
Grummes also thinks that by then the volatility of bitcoin will have decreased enormously. While there will still be major price movements, the extreme volatility that the cryptocurrency exhibits at times today will be a thing of the past. To top it off, Grummes expects bitcoin to trade for more than $1 million within the next few years.
It will be a huge milestone for bitcoin. The $100,000 has long been an almost mythical target. More and more analysts however, firmly believe that it is only a matter of time before this point is actually reached.
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